xmlns:atom="http://www.w3.org/2005/Atom"
3. Section 53 shall have effect as if:—
(a)in subsection (1)—
(i)at the beginning there were inserted the words “Subject to subsection (1A)”; and
(ii)for the words “shall issue to each local authority” there were substituted the words “shall issue to the Residuary Body”; and
(b)after subsection (1) the following subsection were inserted—
“(1A) A basic credit approval for the financial year beginning on 1st April 1994 shall be issued as soon as reasonably practicable after the establishment of the Residuary Body.”